[Microsoft's 200-day breakout](https://www.marketwatch.com/story/microsofts-stock-chart-just-flashed-a-bullish-signal-for-a-software-comeback-f6a889a9?mod=mw_rss_topstories) is being framed as a sector tailwind, but the forensic red flag nobody's mentioning is accrual quality. MSFT reported $61.5B in annual operating cash flow against $77.1B in net income—a 20% cash conversion gap that widens every quarter as capex chews through liquidity for AI infrastructure.

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